Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 8.44 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.0%. The net profit attributable to shareholders reached 980 million yuan, up 14.6% year-on-year, while the net profit excluding non-recurring items was also 980 million yuan, reflecting a 15.1% increase year-on-year [2][4] - In Q3 2025, the company's revenue was 2.74 billion yuan, showing a decline of 3.6% year-on-year and a decrease of 14.0% quarter-on-quarter. The net profit attributable to shareholders was 320 million yuan, down 1.8% year-on-year but up 3.6% quarter-on-quarter [2][4] Summary by Sections Revenue Performance - The revenue for Q3 2025 decreased primarily due to the absence of high-voltage delivery projects that were present in the same period last year. Additionally, delays in orders for distribution network equipment due to the State Grid's joint procurement have further suppressed revenue growth [11] Profitability - The gross margin for the first three quarters of 2025 was 25.09%, an increase of 0.96 percentage points year-on-year. In Q3 2025, the gross margin was 25.84%, up 0.37 percentage points year-on-year and 4.28 percentage points quarter-on-quarter. This improvement is attributed to ongoing internal cost reduction and efficiency enhancement efforts [11] Expense Management - The total expense ratio for the first three quarters of 2025 was 10.39%, a slight decrease of 0.02 percentage points year-on-year. The breakdown includes a sales expense ratio of 3.42%, a management expense ratio of 2.99%, a research and development expense ratio of 4.46%, and a financial expense ratio of -0.47% [11] Inventory and Cash Flow - As of the end of Q3 2025, the company's inventory was 2.508 billion yuan, an increase of 9.0% year-on-year and 12.0% quarter-on-quarter. The contract liabilities reached 1.868 billion yuan, up 46.3% year-on-year [11] - The net cash flow from operating activities for the first three quarters of 2025 was 130 million yuan, a significant decrease of 85.5% year-on-year. However, in Q3 2025, the operating cash flow was 560 million yuan, reflecting a year-on-year increase of 116.3% and a quarter-on-quarter increase of 374.4% [11] Future Outlook - The company is expected to benefit from the upcoming high-voltage bidding cycle, with anticipated project progress leading to equipment deliveries. The estimated net profit attributable to shareholders for 2025 is projected to reach approximately 1.2 billion yuan, corresponding to a PE ratio of about 19.5 times [11]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨工业富联（601138.SH） 报告要点 [Table_Summary] 10 月 30 日，工业富联发布 2025 年三季报，报告期内公司实现营业收入 6039.31 亿元，同比 增长 38.4%，实现归母净利润 224.87 亿元，同比增长 48.52%，扣非净利润为 216.57 亿元， 同比增长 46.99%；单三季度公司实现营收 2431.72 亿元，同比增长 42.81%，归母净利润 103.73 亿元，同比增长 62.04%，扣非净利润 99.89 亿元，同比增长 61.11%。公司单三季度毛利率 7%，净利率 4.27%，同比改善明显。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% [Table_Title] 三季度业绩超预期，算力巨头进入业绩加速期 %% %% research.95579.com 1 [Table_scodeMsg2] 工业富联（601138.SH） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.362 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 18.49%. The net profit attributable to the parent company was 188 million yuan, up 40.99% year-over-year, while the net profit excluding non-recurring items was 186 million yuan, reflecting a 49.29% increase year-over-year. In Q3 alone, the revenue reached 946 million yuan, marking a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, up 64.91% year-over-year and 36.96% quarter-over-quarter, with a net profit margin of 8.5% and a net profit margin excluding non-recurring items of 8.73% [5][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.362 billion yuan, with a year-over-year growth of 18.49%. The net profit attributable to the parent company was 188 million yuan, showing a year-over-year increase of 40.99%. The net profit excluding non-recurring items was 186 million yuan, up 49.29% year-over-year. In Q3, the revenue was 946 million yuan, reflecting a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, with a year-over-year increase of 64.91% and a quarter-over-quarter increase of 36.96% [5][12]. Business Growth Drivers - The core growth driver for the company is the significant increase in revenue from the molded glass business, which benefited from the new consumer markets such as panoramic cameras and action cameras. The company expects continued growth in this segment, especially with new product launches from major clients like DJI [12]. Market Opportunities - The company is positioned as a hidden champion in the molded glass and security lens industries. There is a substantial opportunity in the external telephoto lens market for Android flagship phones, with expected releases from brands like vivo and OPPO. The company plans to introduce cost-effective versions to cater to mid-range models [12]. Long-term Outlook - The company has a stable cash flow and profit contribution from its security lens business, while the automotive optical business is on a growth trajectory due to rising industry demand and increased market share. The company is well-positioned to capitalize on the growth in the molded glass and automotive lens markets, with projected net profits for 2025-2027 of 294 million, 479 million, and 643 million yuan, respectively [12].

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Viewpoints - The report highlights that Apple’s Q4 FY2025 revenue reached $416.16 billion, a year-on-year increase of 6.4%, with net profit at $112.01 billion, up 19.5%. The gross margin for the quarter was 47%, an increase of 1.0 percentage points, primarily due to product mix optimization [6][10] - For Q1 FY2026, Apple expects revenue growth of 10%-12% year-on-year, with a gross margin of 47%-48%, factoring in a $1.4 billion impact from tariff-related costs and operating expenses projected at $18.1-18.5 billion [6][10] - The report indicates that Apple's revenue by product segment for Q4 FY2025 includes: iPhone revenue of $49.03 billion (up 6.0%, 47.8% share), Mac revenue of $8.73 billion (up 12.7%, 8.5% share), iPad revenue of $6.95 billion (up 0.03%, 6.8% share), accessories revenue of $9.01 billion (down 0.3%, 8.8% share), and services revenue of $28.75 billion (up 15.1%, 28.1% share) [10] - Revenue by region shows: Americas at $44.19 billion (up 6.0%, 43.1% share), Europe at $28.70 billion (up 15.2%, 28.0% share), China at $14.49 billion (down 3.6%, 14.1% share), Japan at $6.64 billion (up 12.0%, 6.5% share), and Asia-Pacific (excluding China and Japan) at $8.44 billion (up 14.3%, 8.2% share) [10] - The report notes that tariff impacts resulted in $1.1 billion in costs for FY25Q4 and are expected to be $1.4 billion for FY26Q1. Apple has absorbed these costs to avoid passing them onto consumers, maintaining stable supply chain procurement prices [10] - In the AI sector, Apple has launched the M5 chip, which enhances AI performance by over four times compared to the M4 chip, and has introduced numerous new features in its personal intelligence system, Apple Intelligence [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company maintains a solid advantage in traditional heat shrink materials and the power sector, with new energy products like liquid-cooled charging guns accelerating growth and opening new opportunities [2][5]. - Subsidiary Letin Intelligent, a leader in high-speed data communication copper cables, is expected to benefit significantly from the rapid growth in AI data communication demand, leading to rapid scale expansion [2][5]. Summary by Sections Financial Performance - For the third quarter of 2025, the company achieved revenue of 6.082 billion yuan, a year-on-year increase of 26.17% - The net profit attributable to shareholders was 822 million yuan, up 25.45% year-on-year, while the net profit after deducting non-recurring gains and losses was 796 million yuan, reflecting a growth of 28.45% [5][10]. Business Growth Drivers - The electric wire and cable sector remains highly prosperous, driven by the accelerated construction of AI computing infrastructure, which has led to a surge in demand for high-speed data transmission [10]. - The new energy power business is steadily expanding, with liquid cooling technology becoming a key growth driver as the market for charging guns rapidly grows due to increasing demand for fast charging in electric vehicles [10]. Regional and Market Expansion - The company is optimizing its regional layout and is expected to continue expanding in overseas markets, particularly in Southeast Asia, leveraging local production and supply chain strategies [10]. - The traditional advantage in the South China region benefits from the industrial cluster effect of the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing customer stickiness and supporting the company's globalization strategy [10]. Future Profitability Projections - The company is projected to achieve net profits of 1.17 billion yuan, 1.83 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38%, 57%, and 26% [10].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 12.91 billion yuan for the first three quarters of 2025, representing an 18.8% year-on-year increase. The net profit attributable to shareholders was 1.47 billion yuan, up 15.8% year-on-year, while the net profit excluding non-recurring items reached 1.41 billion yuan, reflecting a 17.6% year-on-year growth [2][4]. - In Q3 2025 alone, the company achieved a revenue of 4.57 billion yuan, marking a 25.5% increase year-on-year and a 4.6% increase quarter-on-quarter. The net profit for the same quarter was 510 million yuan, up 18.9% year-on-year but down 8.6% quarter-on-quarter [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 34.63%, a decrease of 0.43 percentage points year-on-year. In Q3 2025, the gross margin was 35.35%, down 0.40 percentage points year-on-year but up 0.68 percentage points quarter-on-quarter [11]. - The total expenses as a percentage of revenue for the first three quarters of 2025 were 17.23%, a decrease of 0.80 percentage points year-on-year. In Q3 2025, the expense ratio was 18.86%, an increase of 0.31 percentage points year-on-year and 3.70 percentage points quarter-on-quarter [11]. - As of the end of Q3 2025, the company's inventory was 3.489 billion yuan, up 20.0% year-on-year and 13.2% quarter-on-quarter. The contract liabilities were 5.6 million yuan, down 9.9% year-on-year and 6.6% quarter-on-quarter. The debt-to-asset ratio was 36.54%, a decrease of 4.16 percentage points year-on-year [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant increase in profit growth, with a 21.3% year-on-year increase in net profit for the first three quarters of 2025, reaching 200 million yuan [3][4]. - The gross profit margin improved to 55.09% for the first three quarters of 2025, an increase of 3.48 percentage points year-on-year [8]. - The company’s operating revenue for the first three quarters of 2025 was 650 million yuan, reflecting a 15.0% year-on-year growth [3][4]. Summary by Sections Revenue Performance - The company achieved an operating revenue of 230 million yuan in Q3 2025, representing a 21.9% year-on-year increase and an 8.7% quarter-on-quarter increase [3][4]. - The revenue growth is attributed mainly to the consolidation of He Gao Institute [8]. Profitability - The net profit for Q3 2025 was 60 million yuan, showing a 39.2% year-on-year increase, although it decreased by 7.1% compared to the previous quarter [3][4]. - The non-recurring net profit for Q3 2025 was also 60 million yuan, with a year-on-year increase of 41.5% [3][4]. Cost and Expenses - The total expense ratio for the first three quarters of 2025 was 19.46%, down by 2.26 percentage points year-on-year [8]. - The company’s operating cash flow for the first three quarters of 2025 was 353 million yuan, a 12.9% increase year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing upgrades and iterations in power equipment products, with a projected net profit of 280 million yuan for 2025, corresponding to a PE ratio of approximately 23 times [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 6.13 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.4%. The net profit attributable to the parent company was 700 million yuan, up 15.6% year-on-year, while the net profit excluding non-recurring items was 680 million yuan, an increase of 14.5% year-on-year [2][4] - In Q3 2025 alone, the company achieved a revenue of 2.11 billion yuan, reflecting a year-on-year growth of 30.6%, although it saw a quarter-on-quarter decline of 3.7%. The net profit for the same quarter was 230 million yuan, up 22.8% year-on-year and down 2.9% quarter-on-quarter [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 30.77%, a decrease of 2.93 percentage points year-on-year. In Q3 2025, the gross profit margin was 31.24%, down 2.97 percentage points year-on-year but up 1.83 percentage points quarter-on-quarter [10] - The total operating expenses for the first three quarters of 2025 accounted for 17.64% of revenue, a decrease of 2.53 percentage points year-on-year. In Q3 2025, the expense ratio was 17.71%, down 4.76% year-on-year [10] Business Development - The company is expanding its non-grid business, which is expected to contribute significantly to revenue growth. The new products and technologies are beginning to penetrate the market more rapidly [10] - The company anticipates that the net profit attributable to the parent company for 2025 could reach 844 million yuan, corresponding to a price-to-earnings ratio of approximately 28 times [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 17.0 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%. The net profit attributable to shareholders was 0.94 billion yuan, up 19.3% year-on-year, while the net profit excluding non-recurring items was 0.92 billion yuan, an increase of 18.2% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 5.67 billion yuan, reflecting a year-on-year growth of 17.2% but a quarter-on-quarter decline of 6.6%. The net profit attributable to shareholders for this quarter was 0.34 billion yuan, up 4.1% year-on-year and up 12.2% quarter-on-quarter [2][4]. - The gross margin for the first three quarters of 2025 reached 22.34%, an increase of 1.43 percentage points year-on-year. In Q3 2025, the gross margin was 23.38%, showing a slight decrease of 0.20 percentage points year-on-year but an increase of 1.09 percentage points quarter-on-quarter [11]. - The company’s total inventory at the end of Q3 2025 was 5.672 billion yuan, a year-on-year increase of 15.4% and a quarter-on-quarter increase of 13.5%. Contract liabilities reached 5.066 billion yuan, up 29.3% year-on-year but down 4.8% quarter-on-quarter [11]. - The company expects to achieve a net profit attributable to shareholders of approximately 1.29 billion yuan for 2025, corresponding to a price-to-earnings ratio of about 32 times [11]. Summary by Sections Revenue Performance - The company’s revenue for the first three quarters of 2025 was 17.0 billion yuan, with a year-on-year growth of 11.5% [2][4]. - Q3 2025 revenue was 5.67 billion yuan, showing a year-on-year increase of 17.2% [2][4]. Profitability Metrics - The net profit attributable to shareholders for the first three quarters was 0.94 billion yuan, up 19.3% year-on-year [2][4]. - The gross margin for the first three quarters was 22.34%, reflecting improved cost control [11]. Cost and Expenses - The total expense ratio for the first three quarters was 13.09%, a decrease of 0.21 percentage points year-on-year [11]. - In Q3 2025, the expense ratio was 14.18%, showing a slight increase compared to the previous quarter [11]. Financial Health - The company’s asset-liability ratio at the end of Q3 2025 was 46.26%, a year-on-year increase of 0.48 percentage points [11]. - Operating cash flow for the first three quarters was 0.555 billion yuan, a decrease of 60.4% year-on-year [11]. Future Outlook - The company is expected to benefit from continued growth in grid investment and ongoing cost reduction efforts, leading to sustained operational growth [11].

报告要点 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 56.9 亿元，同比+6.0%；归母净利润 3.5 亿元，同比-8.6%；扣非净利润 2.9 亿元，同比-1.1%。单季度看，公司 2025Q3 营业收入 21.6 亿元，同比+29.2%，环比-10.4%；归母净利润 0.9 亿元，同比-0.3%，环比-64.4%；扣非 净利润 0.8 亿元，同比+36.9%，环比-53.6%。 分析师及联系人 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_scode 联合研究丨公司点评丨国网信通（ Msg1] 600131.SH） [Table_Title] 同业竞争解决报表影响初显，Q4 服务交付有望 增长 %% %% %% %% research.95579.com 1 [Table_Author] 邬博华 宗建树 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490520030004 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 S ...